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Capt., I wish I knew more about what all was going on within PLNI but I guess we'll all have to wait until such time as someone either finds a definitive answer with facts or we get audited statements. Until then, your assumptions are as good as mine or anyone elses.
I will continue to monitor the MM's and use them as a guide to what's coming (or not coming) next. I can usually tell a little by what they do. Not a lot, but a little.
Anyway, good trading and good luck.
Shorts, just a technical note, the 7.3 billion shares are not issued until the preferred is converted so, technically, it's right.
Actually, he can convert them any time he wishes so I guess you could count them too for your own views. I try to stay aware of all of this but sometimes I feel like I'm watching a soap opera, both at PLNI and here on the board.
I still have no idea what he is doing with the preferred unless it has to do with the buyback of the common stock. I think everyone here knows that PLNI has no cash to do a major buyback. They need all the cash they can get to grow their business which should be their first consideration.
Anyway, thanks for the note.
I'm watching the MM' still working on a minimum spread of .0003 and still waiting for them to go back to a .0001 spread. UBSS is trying to hold at .0029. Just a personal hunch that they may have gotten themselves into a shorter short position than they wanted.
All just suposition and my opinion.
Good trading and much moolah!
Only Preferred outstanding are the ones he issued to himself through LexReal that are convertable to 7.5 billion shares of PLNI common, to the best of my knowledge.
PLNI's published stock outstanding at 6-16-2006 (latest info release on Pink Sheets).
As of the date of this filing (June 16, 2006) there are common shares and preferred shares issued for Plasticon
(PLNI). There has never been a securities offering of PLNI shares. The listed companies are the only companies to receive
compensation for IR/PR. * Big Apple Consulting: 44,006,805 * Equity Link 330,000,000
i. Period End Date 6/16/2006
ii. Total number of shares of stock the corporation shall be authorized to issue is: 13,500,000,000 shares of common stock and
6,000,000,000 shares of preferred stock.
iii Total amount of the securities outstanding 4,977,740,339 common shares and 1,000,000 preferred shares.
iv. Freely tradable shares: Public float 2,804,576,805
v. Total Number of Shareholders: 10,079
I might be wrong but this indicates to me that PLNI is not diluting as of this date. Seems to me that this would mean that other forces are causing the PPS to drop.
State, I meant .002, not .02 and .004, not .04.
Glad I wasn't buying in today lol. I would be holding high!!
I so hate it when I fat finger!
fynley, the part about the SEC inquiry is new.
Pluralitas non est ponenda sine neccesitate AKA, KISS method and it seems to apply as you said (took 2 years of Latin and the only good I got from it was to be able to learn German more readily). For PLNI, it's a rather heated debate.
For some, it seems to be the support of a position that they probably got into and failed to do their basic research and instead, got caught in the hype. For others, it seems to be the hurt that has come from a loss and many probably can't afford one. Yet others see only deception and seek revenge.
To me,at this time, the ultimate hypothesis is still speculation. I thought that there was dilution occuring during the 1st quarter but according to what was released by PLNI, the outstanding remained the same. I have no idea what JT is doing with the 7.5 billion shares he gave to himself through his LLC or what in the world is going on with the preferred stock.
The one point that I did like was the ability of the company to get through the first quarter start-up without additional dilution. Admittedly, there are some large payments to make (according to the financials-'06)and I know that you can't make payments without cash unless you get agreements for additional extended terms, stock sales, whether common or preferred, or some other financing (bank, debentures, notes, private placements, etc.) and you usually don't generate a lot of cash when you have losses. Just my opinion but I don't anticipate a profit in the second quarter but I would like to see a smaller loss. I would really like to see the SG&A, as a percentage of sales or gross margin, reduced.
I have more questions than answers but I do intend to buy back in around .02 if it doesn't fly past that as fast as it did past .04.
I have no reason to be anything but civil to everyone. I enjoy seeing everyone's thoughts and ideas. It gives me more grist for my mill and I need all the grist I can get.
I do appreciate your thoughts State.
Thanks and the best of luck,
Jim
State, please read rrm's post #11939. It's an article that has merit. I know it's not the entire story of PLNI but I think it should be a considered part of the equation.
In a Piggy Back eligible stock, MM's have the money, the power, and the ability to manipulate stock prices since they can quote it without a buyer or seller. As you already know, if the stock is being shorted, the only way for them to make money is to drive the PPS down and buy back for less.
I will wait until the next set of financials to be published before I make a definitive decision for myself on major dilution. BCX, PLNI's distributor, has dropped over $2.00, from over $14 to about $12 in the past month after posting great financials and they are not issueing new stock. This is a board stock and not a pinky. Stuff happens.
I agree, as I have previously, that JT has not been very fast or up-front in informing shareholders of what is transpiring within the company. And, I don't consider a buyback as a buyback when the O/S rises significantly more than the buyback amount. This becomes mearly semantics.
I am still awaiting the method to be used to do a new stock buyback. Typically, a buyback implies a cash outlay by the company. As I see it now, PLNI is currently working to stretch what cash they have to maintain operations.
At this point in time, I surely don't know what is happening but I hope that if a dilution is occurring, it will be for a reason that will, in the longer run, benefit the shareholders.
All just my opinion. Good luck.
RRM, thanks for the article. I hope everyone reads it. I have read similar articles but this is very easy to read and quite succinct.
If you have been reading my posts, a lot of them have alluded to this very thing, not in these specifics, but toward the collusive MM's. To me, just watching the daily quotes move, how they are moved, and by whom is a lesson that I believe becomes self evident as you watch.
You might also have read in my posts that the SEC is not my favorite agency. With the DTCC, at the end of 2005, forgave all of the naked shorts outstanding and cost the small investors billions of dollars.
Subliminally, I percieve the stock market, as it stands, to be a very bad place for the small investor to fulfill their dreams of financial stability. It does happen but someone out of a lot of people hit the lottery also.
The only note to the SEC I have written has been through the E-Mail questions (not complaints) to inquire about PLNI's current SEC status. That should not have contributed to any investigation because it only goes to a staff person to find a search answer and respond. I feel that PLNI is not registered because if they were, the '05 unaudited statements wouldn't satisfy the SEC filing requirements for timely filing and a suspension would probably have occured. I find no record at the SEC of a suspension.
Believe me, I do want this company to succeed, I want the current shareholders to recover their investments and I want to be a part of the upward swing again when the stock takes off.
And, I still believe, based on the first quarter of '06, that the company has made a good start toward establishing a going concern that will become profitable. I would like to see PLNI doing a bit more to further their own image and be pro-active in the market place. I still feel that one distributor is not the best strategy for any company. The only thing worse, IMHO, is a single supplier.
This is all just my opinion.
And, thanks again for the article.
Capt, I wouldn't give all the credit for the share value drop to dilution, although it has undoubtedly contributed greatly. I'm also not saying that JT couldn't have been more public with his problems and stock dilutions and more open about missed dates that were openly stated as planned and obtainable.
I would also like to give some credit to the great market makers who work collusively to naked short, trade off-board and generally ruin a potentially decent stock at the expense of the shareholders.
I am not saying that UBSS & NITE are collusive, but the control of the PPS has pretty well rested with them for several months now. I don't accuse them of hurting the small investor for their personal gain but, only in my opinion, it could probably be so construed.
This is only my opinion
Gopack, just one more thought. The PLNI financials state that the financials "comply with" and state that the securities are registered but they say nowhere that they are registered.
I would like to hope that they are complying with form and format to eventually get this business back into the OTC:BB as they have said they wanted to do in previous releases.
I wouldn't hold my breath for an uplisting to AMEX but if I had to try for a board with PLNI's financials, it could only be AMEX.
Lem, about the only difference I see is the informal inquiry by the SEC. The delisting from the OTC:BB was in their previous statements.
I attempted to find an action at the SEC but was unable to. Although I don't know for sure, it might be possible that their listing was subject to the NASDAQ rules and didn't involve the SEC.
I really don't know because I can find no SEC action.
Gopack, after a bit more thought about why PLNI would release the new info about the informal inquiry (the delisting from OTC:BB was previously released by PLNI and is not new information) could be to clear the air with pink sheets and TDAmeritrade.
This could be an issue that could cause both of these parties to react as they did.
Also, it is information that any board listed company should release. If they were a board company, it would have probably been released sooner because they would have been regulated by the SEC and could have faced consequences for failure to inform their stockholders.
Just another guess.
Gopack: The filing has no bearing on PLNI's registration as an SEC registered corporation. As you know, any corporation can file voluntary financials with he SEC without being registered with the SEC.
Why they are doing what they are doing is something I would like to know. Hence, my investigation. If you know why they are doing what you are asking about, please let me and the other posters know.
It's just a bit of due diligence. I hope they are showing a trend to be more forthright with their information. With no releases since April except a repeat of the April release, I am beginning to wonder if my reasoning is correct.
I personally see a very positive trend beginning in the first quarter-'06 statements. I am looking forward to the next quarter financials which could (or should) be released somewhere around the week after July 4th if PLNI follows true to their last release of the '06 statements.
Also, I get other input into the PLNI mystery from other posters.
I also like to carry on discussions with other posters.
These are my reasons.
If I find that I have erred in my posting about PLNI's registry with the SEC, I shall immediately post a retraction and apology. At this time, I feel that the registry question is still a concern to me and I have re-submitted my question to the SEC using Wicklund Holding Co.
Thanks,
All my opinion
This appears to be the 2005 & 1st quarter 2006 that was filed by PLNI 2 months ago. I only perused it. I will look more closely and compare the two but I expect no signifcant differences from what I saw.
I re-submitted my SEC question under Wicklund Holding Co with the same CIK number. I'll post as soon as I get an answer, probably Monday now.
Guess we'll see about dilution next financials.
Please give me the name you want me to ask for and I will re-submit my question. However, the CIK number is correct for Wicklund Holding..
The Wicklund company was identified by their SEC number.
Nope fynley, even BXC has taken a $2.00 drop in the past month along with other board stocks. I don't know why. Their financials looked great. Maybe the general lull in building? I know building starts are down, here on the West Coast.
I still think that the MM's have a great deal to do with the doldrums and until the SEC does something about the pinksheet companies (as I said before, don't hold your breath) this will continue in a great number of these stocks.
It seems to me that a profitable quarter for PLNI could turn the PPS around a bit and a profitable year should shoot past a penny or two, maybe more. I am anxious to see the second quarter of '06. I don't anticipate profit yet but I am hoping for a smaller loss. If the loss gets bigger, then you know that the first quarter was probably filling the pipeline and BXC isn't moving as much PLNI product as was expected, other things on the financials being about the same. You crawl before you run.
Also, I believe that an improved cash position and a better debt to equity ratio in both short term and long term debt would help. If JT keeps building the company, I think it will happen.
I would like to see PLNI report more about their sales by product line (as BXC does). It night give investors a clearer picture of the company's emphasis.
I would also like to see them have more than (essentially) one distributor for their concrete products. BXC is selling a full line of building materials and I personally don't believe that they are zeroing in on pushing PLNI's products.
Also, only my opinion, if JT keeps building PLNI, the long term stock should make you money. I liken it to RMBS. It's a bumpy ride but, in the long run, well worth seeing through.
Also, your short term alternative doesn't look too good for your stock income right now. If I still had my position at what I was in at, I wouldn't even consider selling now. I would put PLNI in the back of my "important things to do later" pile and wait.
Based on the buys at .0025, there might be a small blip in the PPS. If it is really (as it should be) a case of supply and demand, the PPS should go up, assuming no major dilution.
Anyway, this is just my opinion and you know what will happen as well as I.
Shorts, they aren't required to report until they are required to register with the SEC. Here is an excerpt from the small business question and answer section from the SEC (for exempt securities offerings, see questions and answers for small businesses in the SEC Regs):
Obligations because of Exchange Act registration
Even if your company has not registered a securities offering, it must file an Exchange Act registration statement if:
it has more than $10 million total assets and a class of equity securities, like common stock, with 500 or more shareholders; or
it lists its securities on an exchange or on Nasdaq.
PLNI does not have $10 million in total assets (later defined in the Regs as Total Net Assets) and the Patents are not valued, on PLNI's Balance Sheet, at the appraisal price, but rather at the actual cost net of amortization since they were purchased, on a straight line amortization over 20 or 30 years or until the patents become worthless (replaced by newer technology).
Go Nano, you eternal optimist. I had a trucking company that had 3 trucks. I was part of a multi-billion dollar industry but my share was a bare living.
I sincerely hope you are right and PLNI gets the MM's burnt bad enough and the PPS climbs again.
Believe me, I am not putting down anything about this company. I still feel, given time and they continue to build the business, PLNI will become a very viable small business, with profit, and an increase in PPS.
My opinion.
RRM, I didn't say that they didn't submit documents. Any corporation can do that on a voluntary basis without being registered with the SEC and the SEC will file them for public information. Perhaps that is why PLNI said they were going to post their financials on pink sheets.
I asked the SEC if Wicklund or Plasticon was a registered SEC corporation and gave them the SEC and state of registration info so there would be no mistake.
According to the reply I posted from the SEC, yesterday, they are not registered with the SEC.
As you know, you are only required to register and have approved your initial stock offering. Up to now, including now, I don't think PLNI has enough assets to necessitate the registration.
Anyway, that's what I found.
My opinion.
I don't think PLNI is doing anything wrong, registry wise, at this time because of their lack of assets. Essentially, they have no assets that aren't owned by creditors according to their financials. In my opinion, they have negative net assets. They owed more than they own at the '06 financial release.
There is a third part of the registration requirement that considers net assets. See the reference I posted yesterday.
My opinion.
Nope finley, not so. You only have to register your stock issue unless you fit under one of the exemptions. Then you don't have to register at all.
Certain other information is required at that time if you're not exempt.
See Regs:
http://www.sec.gov/answers/regd.htm
You might want to follow link 504 to blank check company to penny stocks to pink sheets.
Nano, for PLNI to have earnings of .10 per share at 5 billion shares, they would need a net income of $500 million with sales (assuming a PBT of 15% which is high for a mfg company) of $3.125 billion dollars. To have the .01ish, just remove 1 zero. Still unreachable numbers for many a moon in my opinion.
But, it's a nice thought.
Move over Bill Gates!
Wicklund filed a 14(c) name change in 2004. They stopped reporting after that until 2006. In the meantime, they were dropped from the OTC:BB (according to PLNI's financials).
I can't find an action by the SEC suspending them so maybe their registration expired.
PPS is not an issue except for the boards.
The SEC has regs covering small corporations and large corporations. Boards enter into the requirements.
Here is a reference:
http://www.sec.gov/answers/regd.htm
Supervalue, it's not my comment. It's from the SEC.
I only saw his name on an old promo from 2004. Current postings allude to him as being contacted directly. I tried the 800 number on the posting and a message told me that I needed to input a code to get through, which I don't know.
You know as much about him as I.
I don't know about the approval but a couple of posters say that they have been able to contact B. Howe and JT directly. Maybe they can get an answer and post it. I would like to know more about this and be better informed before I commit to holding another position in this company.
Question: If Semco was a closely held unregistered corporation and PLNI is not an SEC registered corporation, what approval is needed by the SEC. Maybe someone here who is able to contact PLNI directly can get an answer to this. Thank you.
SEC response to my question about PLNI:
QUESTION
Is Wicklund Corporation, currently doing business as Plasticon International Corporation, a registered SEC corporation or is the company simply submitting their statements on a voluntary basis?
Is this corporation required to file under the regulations of the SEC?
Info on the corporation
CIK 0000318262
SIC: 3080 - Miscellaneous Plastics Products
State location: KY | State of Inc.: DE | Fiscal Year End: 1231
Business Address
3166 CUSTER DRIVE SUITE 101
LEXINGTON KY 40517
859-245-5252
Mailing Address
3166 CUSTER DRIVE SUITE 101
LEXINGTON KY 40517
SEC Response:
Thank you for contacting the SEC.
Our records indicate that no company by the name of Wicklund Corporation or Plasticon International Corporation is registered with the SEC.
Sincerely,
JULIET D. GARDNER
U.S. Securities and Exchange Commission
100 F St, NE
Washington, DC 20549-0213
Gopack, I think that another scenario for JT to restructure the outstanding common stock would be to do a thing similar to what he did with Florida Curbing back in '99. He could do a merger (he could do it with PCI), do a (.1448 or ??) reverse split per share and end with a new company and new stock at a new value.
The surviving company could still be PLNI and for the reverse split, the addition of PCI might satisfy the difference in the share quantity.
Since all of the A/S are pretty well accounted for (7.5 billion to him, almost 5 billion in the market and the rest mostly indemnifying debt) he would still retain an insurmountable majority ownership.
This isn't even an opinion. It's just one possible scenario of many and should not be construed by anyone as fact or as an intent of PLNI. It's just a discussion.
Thanks state. As I said in my earlier post, I have my own doubts about a lot of things that go on both on the boards and at PLNI. My biggest concern right now is what the market makers are doing to this stock. I think they have the value pretty well figured and are riding this horse to the bottom.
I learned a long time ago to trust only in what I know for a fact. I did make some errors in a post and RRM did the same thing to me in a very nice way. I'm glad he corrected my errors because I did make a couple of blatant mistakes and I surely didn't want to mislead anyone. I corrected the errors but never changed my mind about what I believed nor the essence of the post.
I want to learn as much about what is going on as I can and I have been insulted before and left the board. I read it every day but didn't post for quite awhile. I wanted to see who did what to whom and who was doing what. I learned a lot about the folks who post here.
I know nobody's agenda but I will say that we do have a couple of PLNI posters who seem very well informed. I tried to call B. Howe and I needed a code to get to him. He has an 800 number and was listed as head of public relations for PLNI on the promo I read. I never tried to get him again because I was learning things I would ask anyway. Those financials tell me a whole story about the company but I still have questions about what is happening with JT and the common and preferred stock. I also have periods of thought about the way he uses his companies. He seems to be a smart person and has some very credentialed people around him.
Thanks again and I hope something really good happens to this stock and I also hope that the SEC will do something to deter the market makers from controlling stock prices (don't hold your breath!). That alone should help PLNI, in my opinion.
Gopack - I don't think PLNI could float convertible or subordinated debentures.
An institutional buy could reduce the float but would still be outstanding unless it was restricted which would still come back in time unless they were convertible to preferred at a premium at the end of the restriction.
I have other complicated scenarios but I don't believe that JT would do most of them because of the corporations cash and working capital net position.
So, I guess I will wait and see.
I hope something is done soon for the long term holders. I know how it feels to believe in a company and watch my investment dwindle. I've been there more than once.
For me, it's OK because I am jumping back in as soon as I see the MM's start working on a spread of .0001 and my charts look better.
Just my opinion.
O.T. I was looking at some of your earlier posts and inadvertently put you on ignore. I assure you it was unintentional because I didn't even know where the ignore thing was. With Nano's help, I fixed it.
Looking forward to more PLNI conversation.
Thanks Nano. I must have hit the ignore accidentally when I was looking at some of his previous postings because I had to hunt for it. I didn't even know where it was. You were right and I fixed it. Thanks again.
Yes Nano, I already looked at his profile. But, every one of his past postings that are listed below his profile show up as someone else's postings when I try to read them. Give it a try and see and please let me know. I have a reference to 11582 which was one of his postings and it has disappeared from my list as if it was deleted.
Thanks
OT. OK !!! LOL Dude !!
It must be past my afternoon nap time. Sorry about that!!
I wonder how many get your "schtick"? LOL to that too. That is funny and I did laugh the first time I saw that.
I don't have or want anyone on ignore. I really like the interplay of ideas and if I read them all, I get a better idea of the general feeling about PLNI.
I try to do as much research as possible but when you have a lot of people arguing points, they usually bring some other information from other sources into play and I learn more about what's going on. Their information comes not only from other boards but from current PLNI releases that I might have missed.
If you look at some of my old posts, you will see my idea of the stock value at this time. My basic idea hasn't changed and the PPS seems to agree.
I do think that PLNI seems to be building a viable small manufacturing company. I want to see them succeed and I want to buy in again and make a few more bucks here.
I have held and sold several times. I just don't hold pinkies long term. I have been stung too much doing that.
When I see a piggy back qualified stock I see the possibility of market makers manipulating the PPS as they wish.
I'm not saying that UBSS & NITE are collusive. I am saying that the coincidence of their control of this stock over the past several months is almost awe inspiring.
Oh well, nothing here you haven't already heard or knew before so good luck and thanks for the response.